Maine Revised Statutes, Title 10, § 386: Eligible projects, 1995

A qualifying venture fund or a qualifying small business may be eligible to receive financial assistance under the program. In order to be eligible for financial assistance under the program, a qualifying venture fund must meet the requirements of section 383, subsection 1‑B. In order to be eligible for financial assistance under the program, a qualifying small business must meet the following criteria. [PL 2021, c. 502, §6 (AMD).] 1. Engagement; involvement. The qualifying small business must be engaged in or involve at least one of the following: A. Marine science; [PL 1995, c. 699, §3 (NEW).] B. Biotechnology; [PL 1995, c. 699, §3 (NEW).] C. Manufacturing; [PL 1995, c. 699, §3 (NEW).] D. Export of goods or services to locations outside the State or activities that result in significant amounts of capital being imported into the State; [PL 1995, c. 699, §3 (NEW).] E. Software development; [PL 1995, c. 699, §3 (NEW).] F. Provision or development of environmental services or technologies; [PL 1995, c. 699, §3 (NEW).] G. Provision or development of financial or insurance products or services; [PL 1995, c. 699, §3 (NEW).] H. Production of value-added goods from natural resources; or [PL 1995, c. 699, §3 (NEW).] I. Other enterprises that the board determines will further the purposes and intent of the program, including, but not limited to, retail sales, tourism and agricultural production. [PL 1995, c. 699, §3 (NEW).] [PL 1995, c. 699, §3 (NEW).] 2. Growth; public benefit. The qualifying small business must demonstrate the potential for high growth and public benefit. [PL 1995, c. 699, §3 (NEW).] 3. Need for assistance. The qualifying small business must provide evidence of each of the following: A. Commitment of all reasonably available resources to the project; [PL 1995, c. 699, §3 (NEW).] B. A need for financial assistance from the fund to realize its projected growth and achievement of public benefits; and [PL 1995, c. 699, §3 (NEW).] C. [PL 1999, c. 504, §5 (RP).] [PL 1999, c. 504, §5 (AMD).] 4. Financing plan. The qualifying small business must submit a financing plan as part of an overall business plan. The proposed financing plan must include adequate mechanisms to monitor the accomplishment of the business plan as proposed. [PL 1995, c. 699, §3 (NEW).] The disbursement may not be used to make distributions to or for the benefit of an owner of the business borrowing from the fund or a related entity. [PL 1995, c. 699, §3 (NEW).]